Divine v. Commissioner
United States Tax Court
The factual and legal issues in this case are virtually identical to those in Luckman v. Commissioner, 418 F.2d 381 (C.A. 7, 1969) reversing 50 T.C. 619 (1968). Petitioner received distributions of property in 1961 and 1962 from Rapid in his capacity as a stockholder. The petitioner in Luckman received comparable distributions in 1961. Prior to and during the years in issue Rapid's employees purchased 186,558 shares of its stock by exercising restricted stock options.
Read the full summary
The factual and legal issues in this case are virtually identical to those in Luckman v. Commissioner, 418 F.2d 381 (C.A. 7, 1969) reversing 50 T.C. 619 (1968). Petitioner received distributions of property in 1961 and 1962 from Rapid in his capacity as a stockholder. The petitioner in Luckman received comparable distributions in 1961. Prior to and during the years in issue Rapid's employees purchased 186,558 shares of its stock by exercising restricted stock options. The aggregate market values of these shares at the dates the options were exercised was $ 5,671,120. The prices set by the…
1Opinion of the Court
Harold S. Divine and Rita K. Divine, Petitioners v. Commissioner of Internal Revenue, Respondent
Divine v. Commissioner
Docket Nos. 5339-65, 6667-66
United States Tax Court
59 T.C. 152; 1972 U.S. Tax Ct. LEXIS 35;
October 25, 1972, Filed
Decisions will be entered under Rule 50.
The factual and legal issues in this case are virtually identical to those in Luckman v. Commissioner, 418 F.2d 381 (C.A. 7, 1969) reversing 50 T.C. 619 (1968). Petitioner received distributions of property in 1961 and 1962 from Rapid in his capacity as a stockholder. The petitioner in Luckman received comparable…
Also in this document: Concurrence.
2Cases cited63 opinions
- Welch v. HelveringSupreme Court of the United States · 1933
- New Colonial Ice Co. v. HelveringSupreme Court of the United States · 1934
- Commissioner v. SunnenSupreme Court of the United States · 1948
- Cromwell v. County of SacSupreme Court of the United States · 1877
- Blonder-Tongue Laboratories, Inc. v. University of Illinois FoundationSupreme Court of the United States · 1971
58 more not listed; retrieve them via the Exa API.